GST/HST Return
Definition
The return a Canadian business files to report the GST or HST collected on sales and the input tax credits claimed on purchases, remitting or reclaiming the difference.
Related Terms in International Tax
CRA Business Number
A unique number the Canada Revenue Agency assigns to a business as a single identifier across its program accounts, such as GST/HST, payroll and corporate income tax.
Input VAT vs Output VAT
Output VAT is the tax a business charges on its sales; input VAT is the tax it pays on purchases. A VAT return pays over output VAT less reclaimable input VAT, so only the value added is taxed.
VAT Invoice
An invoice meeting VAT rules by showing the supplier's VAT number, the rate and amount of VAT, and other prescribed details, so the customer can reclaim input VAT where eligible.
Withholding Tax (Cross-Border)
Tax withheld in the source country on cross-border payments such as dividends, interest and royalties. Double taxation treaties often reduce the rate, and relief or credit may be available in the recipient's country.
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